02 February 2007

Manuk Hergnyan, Economy and Values Research CenterAnna Makaryan, Economy and Values Research Center

Abstract: In view of the increasing role of Diasporan and emigrant networks for the home countries in the globalized world, this paper examines the impact of Armenian Diaspora on generating Foreign Direct Investment (FDI) in Armenia between 1994 and 2004. The broader purpose is to understand how the Diaspora influenced the process of attraction of FDI to Armenia. This paper provides quantitative assessments of the share of Diasporaconnected FDI to total FDI, the number of Diaspora-connected investors, and the size of “pseudo” FDI. It also describes its dynamics and major trends, as well as identifying and modeling major motivational factors stimulating investment decisions by Diaspora Armenians. . .

I. INTRODUCTION“For a small country like Armenia, the critical mass of Diaspora executives could be as small as 200 dedicated people, who could become role models for local businesses and NGOs, as well as emerge as providers of reliable business linkages with the rest of the world.” Pandey et al., 2004

Armenia is a small, post-socialist country in a transitional period. As a land-locked country with scarce natural resources, it is involved in a regional conflict with one of its neighbors, Azerbaijan, and suffers transportation blockade with another neighbor, Turkey. For Armenia, a country that only has a population of . . .

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